SOLD

MIXED RETAIL AND RESIDENTIAL INVESTMENT
WITH REAR DEVELOPMENT POTENTIAL (STP)
FREEHOLD FOR SALE

 

  • Income producing mixed use (3 x  Retail & 2 x Residential flats) Investment Opportunity
  • Self contained rear building (which may have residential redevelopment potential (STP))

17-19 High Street, Westerham, Kent, TN16 1RA

 

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Location:
The property is centrally located within the Town Centre of Westerham.

Westerham is a recognised and popular location strategically situated on the A25 approximately 5 miles west of Sevenoaks and 4 miles east of Oxted.  The town is roughly equidistant from junctions 5 & 6 of the M25 motorway (approx 5 miles) via the A25.  Mainline railway connections are available at both Sevenoaks and Oxted providing frequent services to Central London.

Description/Accommodation:
This is an opportunity to acquire a mixed retail and residential freehold investment comprising three shops, two residential flats above and a self contained rear building which may have residential redevelopment potential (STP).

THE APPROXIMATE NET INTERNAL AREAS ARE AS FOLLOWS

No 17 (Larratt & Co)

Retail

 

492 sq ft

 

45.70 sq m

Storage/Preparation 278 sq ft 25.29 sq m
Outside Store 18 sq ft 2.20 sq m
Total 788 sq ft 73.19 sq m

No 17a (Ad Lib)

Retail

 

268 sq ft

 

24.88 sq m

Ancillary 55 sq ft 5.06 sq m
Total 322 sq ft 29.94 sq m

No 19 (The Courtyard)

Retail

 

255 sq ft

 

23.72 sq m

Total 255 sq ft 23.72 sq m
Rear Building 548 sq ft 50.88 sq m

 

Tenancies:
17a High Street:  Let to A D Lib Westerham Limited
(NB: the flat above is accessed via 17a and the entire property is under one lease).
Lease Term:  12 years.  Date of lease commencement to be confirmed.
Rent:  £12,500 per annum
Rent Reviews: At the 3rd & 7th years.
Repairs:  Effective full repairing and insuring.
Tenant Break Clauses:  At the 3rd & 7th years.


17 High Street: Let to Larratt & Co Ltd
Lease Term:  5 years from March 2019
Rent: Year 1 – £16,000, Year 2 – £16,750, Year 3-  £17,500, Year 4 – £18,250
and Year 5 – £19,000.
Repairs:  Effective full repairing and insuring.


19a High Street: Let to IT Foods Limited trading as Courtyard Events
Lease Term: Holding Over
Rent:  £10,250 per annum
Rent Reviews:  Not applicable
Repairs: Effective full repairing and insuring

19 High Street (Flat): Let on an Assured Shorthold Tenancy at a rent of £800 pcm.

Terms:
The freehold interest is available for sale subject to the existing Tenancies and offers are sought in the region of  £700,000 plus VAT (to be confirmed), Subject to Contract.

Business Rates:                                                                         
Full information can be found on the Government Website
https://www.tax.service.gov.uk/business-rates-find/valuations/16377790000.  or contact the Business Rates Department at Sevenoaks District Council

Legal Costs:
Each Party to be responsible for their own legal costs.

Energy Performance Certificates:
Awaiting Energy Performance Certificates

Viewing                                                                                                 
For further information, or to arrange an inspection please contact Sole Agents: Gildersleve & Payne      
Tel 01883 723888

Nick Payne MRICS or
David Sutton BA (Hons)
Email: info@gpcommercial.co.uk

Property Misdescriptions Act 1991 Please note the agents have not carried out a survey, have not made planning enquiries nor tested any of the equipment, apparatus, fixtures, fittings, services or land and are therefore not able to verify their condition, or suitability for their purpose

Code of Practice Applicants should be aware that the code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified Surveyor, Solicitor or Licenced Conveyencer before agreeing or signing a Business Tenancy Agreement. The Code is available through professional institutions and trade associations or through the website www.leasingbusinesspremises.co.uk

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